Vietnam’s coffee exports hoped to earn over 4 billion USD this year
Thanks to a trend of hiking in coffee prices, experts have predicted that this year’s export revenue of this product may exceed last year’s record of 4 billion USD.
Vietnam’s coffee exports hoped to earn over 4 billion USD this year (Photo: vneconomy.com)
Hanoi (VNA) – Thanks to a trend of hiking in coffeeprices, experts have predicted that this year’s export revenue of this product mayexceed last year’s record of 4 billion USD.
In the Central Highlands region, the major coffee productionhub of Vietnam, coffee prices have risen strongly last week and hit a record in three months.
On June 7, domestic coffee prices varied from 61,200-61,800 VND (2.61-2.63 USD)per kilo, up 500 VND over the previous day.
Meanwhile, the average price of exported coffee in the first give months ofthis year was 2,295 USD per tonne, up 2.4% over the same period last year, whichmeans coffee export revenue will be high in the rest of the year.
Vice President of the Vietnam Coffee and Cocoa Association (Vicofa) Do Ha Nam held that the risein coffee prices is due to a shortage in supply as a result of extreme weatherconditions. This year, coffee output is predicted to fall 10-15%, while demandsfor the product is high.
Along with export, many localities have focused on boosting the sustainabledevelopment of the domestic market, with the coming into being of many Vietnamese coffeebrands.
Last year, Dak Lak province in the region saw more than 250 coffee processing facilities established to provide productsfor the domestic and foreign markets.
Le Duc Huy, General Director of Simexco DakLak Ltd, said that last year, thefirm shipped abroad 101,000 tonnes of green coffee, and sold about 25,000tonnes in the domestic market.
Under a project to develop Vietnamese specialty coffee in the 2021-2030 period thatwas approved by the Ministry of Agriculture and Rural Development, in 2025, thearea of specialty coffee is expected to account for 2% of the country’s totalcoffee area, with an output of 5,000 tonnes. The figures are hoped to increase to3% and 11,000 tonnes in 2030.
Huy said that Vietnamese exporters are switching their focusfrom quantity to quality to better meet the demands of importers’ demands./.
Despite being a key export item, earning billions of dollars each year, Vietnam’s coffee still lacks a national brand to enhance its value. Managers and businesses in the industry all agree on the need for a national brand.
The Central Highlands province of Gia Lai – one of Vietnam’s coffee growing centres - is striving to develop its specialty coffee brand by focusing on increasing the quality and value of products.
Over the past month, the price of coffee bean has continuously increased, reaching the mark of 60,000 VND (2.55 USD) a kilogramme, the highest in the past 15 years, in the Central Highlands provinces which are considered the country's "coffee capital".
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
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Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
Vietnam’s coffee exports hoped to earn over 4 billion USD this year (Photo: vneconomy.com) 
